- In a major development for India’s global fintech expansion, NPCI International Payments Limited (NIPL) has partnered with Razorpay Curlec to enable Unified Payments Interface (UPI) transactions in Malaysia . Announced during the Global Fintech Fest 2025 , this collaboration allows Indian travellers to make instant and secure digital payments to Malaysian merchants using their regular UPI-enabled apps such as PhonePe, Paytm, and Google Pay .
Exam-Oriented Highlights
| Aspect |
Details |
| Partnership |
NPCI International Payments Limited (NIPL) & Razorpay Curlec |
| Announced At |
Global Fintech Fest 2025 |
| Objective |
Enable UPI payments for Indian travellers in Malaysia |
| Key Benefit |
Instant, secure cross-border transactions in local currency |
| Significance |
Strengthens UPI’s international footprint and India’s fintech leadership |
Seamless Cross-Border Digital Payments
- The integration links Malaysia’s payment ecosystem with India’s UPI network , offering a smooth and interoperable payment experience. Merchants under Razorpay Curlec’s network can now accept payments in Malaysian ringgit , with transactions settled locally while maintaining full regulatory compliance. This initiative benefits both Indian tourists and professionals in Malaysia by eliminating the need for currency exchange or international card payments, marking a step toward a borderless digital payment system .
Strengthening India’s Global Fintech Presence
- According to Ritesh Shukla , MD and CEO of NIPL, the partnership is “a significant milestone in expanding UPI’s international reach.” He emphasized that the goal is to make digital payments abroad as seamless as in India , reinforcing UPI’s status as a global payments standard . The move aligns with India’s strategy to promote digital financial inclusion and strengthen its presence in the global fintech space.
Razorpay Curlec’s Role and Market Impact
- Shashank Kumar , Co-founder and MD of Razorpay, highlighted that the collaboration “brings India’s digital payment innovation to Malaysia.” The integration not only benefits travellers but also provides new business opportunities for Malaysian merchants by increasing access to the growing Indian visitor base. It enhances ease of doing business and demonstrates how cross-border payment partnerships can drive regional financial growth.
Global Expansion of UPI
- Malaysia joins other countries such as Singapore, the UAE, and Nepal , which have already integrated UPI-based systems. This expansion reflects India’s ambition to make UPI a global benchmark for interoperable, real-time payments . By exporting its digital infrastructure, India continues to showcase its leadership
Month: Current Affairs - November 04, 2025
Category: Economy and International Financial Relations